Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the records of dixie corporation showed the follow

The records of Dixie Corporation showed the following balances on November 1,2020.Common stock, $10 par,...

80.2K

Verified Solution

Question

Accounting

The records of Dixie Corporation showed the following balances on November 1,2020.Common stock, $10 par, 54,000 shares outstanding $540,000Paid-in capital in excess of par183,600Retained earnings360,000The fair value of its stock is $18 per share.Accounting for Stock DividendsAccounting for Stock SplitsPrepare journal entries for the following three separate scenarios.a. The company declares (November 1,2020) and issues (November 20,2020) a 10% stock dividend.b. The company declares (November 1,2020) and issues (November 20,2020) a 10% stock dividend. Of the 5,400 stock dividend shares, 5,040 shares are whole shares and 360 shares are fractional shares. It is the company's policy to pay out fractional shares in cash.c. The company declares (November 1,2020) and issues (November 20,2020) a stock split effected in the form of a 100% stock dividend.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students